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ETH Options Flow — May 20, 2026 - Mid-week analysis

The signal of the day is unequivocal on June 26:28,000 calls vs 3,500 puts — 8:1 ratio This is the strongest move of the day on ETH, all expires combined. Someone is building a massive call position for June. For comparison, 6 days ago the June flow was neutral to slightly bearish. In one week, institutional feelings about June completely changed.

Short term/medium term tension ⚡

May 22 → 6.2k calls/15.2k puts → 2. 5:1 bearish
May 29 → 5.8k calls/15.2k puts → 2. 6:1 bearish
Jun 26 → 28k calls/3.5k puts → 8. 0:1 bullish

Same structure as on BTC: sell the next two weeks, buy the June.

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May 20, 2026 · 04:57 AM · 91 views
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Pretoninus II Mod FOUNDER
@pretoninho · May 20, 2026 · 04:58 AM
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Daily volume by expiry

June 26 is the dominant signal: 28,000 calls against 3,500 puts, 8:1 ratio. It is exceptional. At the same time, May 22 and May 29 each absorb ~15,000 puts. The market is doing two things simultaneously — hedging for the short term and exposing itself massively to the upside in June. Total ETH volume today exceeds BTC on key expires.
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Pretoninus II Mod FOUNDER
@pretoninho · May 20, 2026 · 04:58 AM
FOUNDER
Open Interest by expiry

June 26 reached 500k contracts including ~450k in ITM calls — colossal. This represents positions with a notional value of several billion. May 29 brought 340k calls and 280k puts, almost balanced. What is striking: calls dominate ALL expires from June to March 2027. ETH's long-term structure is structurally bullish despite short-term pressure.
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Pretoninus II Mod FOUNDER
@pretoninho · May 20, 2026 · 04:59 AM
FOUNDER
OI by strike

The $2,100 put wall exploded to 113k contracts — that's the busiest defense level on the ETH market. A second put wall at $2,000 (78k) forms below, creating double protection. On the call side, the structure has migrated upward: $2,450 (130k) is the first objective, $3,300 (147k) is the busiest strike of the entire structure — it is the main institutional target for ETH in 2026.
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